disillusioned stoozer wanabee!

houlahan

hi,i'm hoping for advice please.
i applied for an m&s 15 mth interest free credit card in july and put money not spent into savings account to accrue 3% interest as advised intending to pay the full amount owed off before the interest rise.stupidly i hadn't realised my credit limit was only £4000 which i've been informed i've exceeded already!i was expecting to take advantage for the full 15 mths.does this mean i can't use the card at all now without being charged interest? very confused.

YorkshireBoy

By breaching the T&Cs you've almost certainly lost the 0% promotion, and have been accruing interest since the first day of the statement period in which you went over your limit.

Give them a call to check, and if they confirm the above then you'll need to be prepared to either BT the balance on (if you can make it pay) or repay it from your savings if you can't persuade them to reinstate it.

houlahan

YorkshireBoy wrote: »

By breaching the T&Cs you've almost certainly lost the 0% promotion, and have been accruing interest since the first day of the statement period in which you went over your limit.

Give them a call to check, and if they confirm the above then you'll need to be prepared to either BT the balance on (if you can make it pay) or repay it from your savings if you can't persuade them to reinstate it.

hi,thanks. i rang and was told if i paid the amount over the limit by 4th jan i wouldn't be charged interest,which i promptly did.i then applied online for an increase in my credit limit but was advised smaller amounts would more likely be approved so now my limit is £6000,which is still much less than i will spend as i have 9mths of the promotion remaining!
i am wondering if i should just stop using the card when i reach the £6000 limit and try another card option. i have no debt other than mortgage payments and have savings.would one of the cash back cards be a better option?

Nine_Lives

At the speed you're racking up your spends, i would get to the £6k limit & then probably stop as you don't want to be sending out credit card applications every 5 minutes.